HFF arranges $12M construction loan for 154-unit multi-housing community in Stoughton, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $12 million construction loan for Alta at Indian Woods Apartments, a 154-unit, to-be-built multi-housing community in Stoughton, Massachusetts.

HFF director Anthony Cutone worked on behalf of the borrower, Wood Partners, LLC, to secure the loan through Wainwright Bank & Trust Company.

Wood Partners is a national multi-housing real estate firm that develops, constructs and acquires high-quality multi-housing rental and for-sale condominiums throughout the United States.

The local director for Wood Partners is Richard Dickason, who has been in the multi-housing industry for 25 years and leads the New England office in Concord, Massachusetts.

Due for completion in July 2011, Alta at Indian Woods Apartments will have one-bedroom/one-bath and two-bedroom/two-bath units averaging 865 square feet each. Community amenities will include a clubhouse with fitness center, clubroom, bbq area with gas grills and business center. As a 40B project, 25% of the units will be affordable to persons of low and moderate income. Alta at Indian Woods is situated on an 8.6 acre site along Washington Street (Route 138) in Stoughton, approximately 20 miles southwest of downtown Boston.

Wainwright Bank (NASDAQ: WAIN), a leading socially progressive bank, is headquartered in Boston with assets of more than $1 billion and 12 branches throughout Greater Boston. Over 50% of the bank’s commercial lending portfolio is dedicated to community development initiatives including affordable housing, homeless shelters, HIV/AIDS services, community health centers, and environmental protection to name a few. http://www.wainwrightbank.com/.

Contacts:

Anthony Cuton, HFF Director, 617) 338-0990, acutone@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, ( (713) 852-3500, krmurphy@hfflp.com

HFF closes $4.3M sale of suburban Chicago office and warehouse building

CHICAGO, IL – The Chicago office of HFF (Holliday Fenoglio Fowler, L.P.)  has closed the sale of 7100 Madison, a 50,157-square-foot office and warehouse distribution building in Willowbrook, Illinois.

HFF managing directors Jaime Fink top right photo) and Jeffrey Bramson (top left photo)  and director Kenneth Glomb led the investment sales team on behalf of the seller, a subsidiary of Prime Group Realty Trust. CenterPoint Properties purchased the property for $4.3 million free and clear of debt.

7100 Madison was completed in 1998 as a build-to-suit for Trane Company, an international supplier of HVAC equipment, which leases the entire property through December 2015.

 The property consists of 60 percent office and 40 percent warehouse space and serves as a regional sales and service office and parts distribution facility.

 Situated on 4.5 acres at 7100 Madison, the property is close to Interstates 55 and 294 approximately 18.5 miles southwest of downtown Chicago in Willowbrook.

Contacts:
Jaime M. Fink, HFF Managing Director, (312) 528-3650, jfink@hfflp.com
Jeffrey M. Bramson, HFF Managing Director,   (312) 528-3650, jbramson@hfflp.com
Kenneth J. Glomb,  HFF Director, (312) 528-3650, kglomb@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Walker & Company picks Palmer Electric for Orlando school project

WINTER PARK, FL — Palmer Electric Company was selected by general contractor Walker & Company to handle electrical contracting for the renovation of the 940 Building at Lake Highland Preparatory School in Orlando, Fla.

Under the terms of it’s nearly $100,000. contract, Palmer Electric is providing building wiring, fire alarm and low voltage systems for the two-story, 16,000-square-foot project. Completion is scheduled for August 2010 to accommodate the opening of the next school year.

Powell Design Group of Orlando, Fla., is the architect. Orlando, Fla.,-based Peninsula Engineering Incorporated is the electrical engineer.

Palmer Electric Company is a provider of electrical contracting and service to commercial, institutional and residential customers since its founding in 1951. The Company employs a staff of 160. Headquartered in Winter Park, Fla., the Company has residential division offices in Lakeland, St. Cloud and Jacksonville, Fla. For additional information, visit www.palmer-electric.com.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

Foster Conant selected to design landscape for Winter Garden, FL beautification project

ORLANDO, FL — Foster Conant & Associates has been selected by the City of Winter Garden, Fla., to provide landscape architectural design services for the beautification of four miles of Highway 50 from Avalon Road to State Road 429-Western Beltway.

 Under the scope of services, Foster Conant is providing design, construction documents and construction observation for the landscape, hardscape and irrigation of the medians.

According to Rick Conant, (top right photo) FASLA, principal of Foster Conant & Associates, the Firm selected a rustic red brick for the hardscape within the medians to reflect the historical values of Winter Garden.

The project is being designed and constructed under the authority of the Florida Department of Transportation and City of Winter Garden.

Foster Conant & Associates is an award-winning, site-specific landscape architectural firm that practices throughout the U.S. and abroad.

Public and private clients afford the firm a varied portfolio of expertise that includes hotels, resorts and themed entertainment complexes, timeshare resorts, airports, large-scale residential land developments, mixed-use complexes, office buildings, business parks and apartment complexes.

Headquartered in Orlando, Fla., the 11-person firm is managed by principals Richard R. “Rick” Conant, FASLA, Keith Oropeza, ASLA and René A. Ramos, RLA. For an extensive presentation of projects, please visit www.fosterconant.com.

PR Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

IDI Closes 428,081 SF in Atlanta

ATLANTA, GA-– IDI, a leading full-service industrial real estate company, has signed two leases in the I-20 West Atlanta market totaling 428,081 square feet. A 199,505 square-foot lease renewal and 228,576 square-foot lease renewal/expansion signify that IDI’s Atlanta market office is off to a strong start in 2010. Both tenants occupy space in Westfork Business Park. (cenrtered photo below)

Global Experience Specialists, Inc. (GES) renewed their 199,505 square-foot lease at Westfork Business Park, Building A-5, located at 750 Maxham Road, Suite 300, in Lithia Springs, GA.

The company, which is a leading provider of exhibition, event and retail marketing services in the United States, Canada, the United Kingdom, Europe and in the United Arab Emirates, will use the space to produce exhibitions and events in Atlanta and throughout the Southeast region.

Gordon Benedict of Cushman & Wakefield represented GES, and Bob Tardy, (middle right photo)  IDI’s vice president of national leasing, represented IDI in the lease transaction. No space remains available for lease in Building A-5.

Bunzl Distribution Southeast, LLC, a division of Bunzl Distribution USA Inc., signed a 228,576 square-foot lease, including a 76,192 square-foot expansion, at Westfork Business Park Building A4, bringing building occupancy to full capacity.

 Mark Sonnenberg with Colliers Turley Martin Tucker and Mike Spears with Colliers Spectrum Cauble represented Bunzl in the lease transaction. Bob Tardy represented IDI.

Bunzl Distribution USA, Inc., a leading supplier of food packaging, disposable supplies and cleaning and safety products, also leases warehouse space from IDI in two other markets—Memphis and Salt Lake City.

“The I-20 West market has been historically strong and we’re glad these two tenants have decided to continue to invest in the area,” said Tardy. ”We’re excited to see 2010 off to a good beginning from a leasing perspective.”

Contacts:

Kim Hardcastle, Jackson Spalding for IDI, 404-214-0693, khardcastle@jacksonspalding.com
Charlotte Marie DuPre, Jackson Spalding for ID, I404-214-3555, cdupre@jacksonspalding.com

Marcus & Millichap Lists $12.5M Luxury Multifamily Asset in Kansas

WICHITA, Kan., March 4, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Huntington Park, (top left photo) a 188-unit, 147,228-square foot luxury multifamily property in Wichita.

The listing price of $12.5 million represents $66,489 per unit and $85 per square foot.

Joe James, a multifamily investment specialist and an associate member of the firm’s National Multi Housing Group (NMHG) in St. Louis, and Eric Michel, also a multifamily investment specialist and member of the NMHG in St. Louis, are representing the seller, a Wichita-based developer.

Adam Christofferson, (middle right photo) a first vice president of the firm and broker of record for Kansas, is also providing representation.

“Our investors are looking for access to well-positioned assets in stable markets, and we are committed to finding them opportunities,” says James. “Fundamentals remain relatively strong in secondary markets such as Wichita, as demonstrated by Huntington Park’s rents and historically high occupancy rate.”

“Larger metropolitan areas may receive more headlines plenty of opportunities exist in smaller markets,” adds Michel. “Wichita’s stable economic climate, strong prospects for job growth and a positive trend in population bode well for properties such as Huntington Park.”

The property is located at 1313 N. Maize Road, just west of Interstate 235 on the city’s west side near high-traffic commuter highways and employment corridors. The property is situated within an affluent area and is adjacent to a landscaped water reserve.

Completed in 1999, Huntington Park is one of the only properties in the area with onsite garages. The unit mix is 112 one-bedroom/one-bath units and 76 two-bedroom/two-bath apartments.

Located on the Arkansas River in south central Kansas, Wichita is the most populous city in the state. In 2009, Wichita was recognized by the National Civic League as an All-America City.

Press Contact:  Stacey Corso, Communications Department, (925) 953-1716

RECI Sees More Bankers and Life Companies Returning to Realty Capital Scene by Summer

CHICAGO, IL-The non-profit Real Estate Capital Institute is seeing strong signs of increasing activity in the real estate capital markets by this summer.

Nat Zvislo, Research Director of the Chicago-based organization, states, “ painfully slow rebound ignites mild excitement in select sectors of the income-property realty markets.”

Sparks of hope kindle the industrial and housing sectors as most investors sense the bottom is near, or within the near horizon, Zvislo says.

Choice retail properties also suggest a recovery as consumers cautiously return to stores.

Office and lodging assets are bombarded with oversupply linked to shrinking demand, corporate cost-cutting and rising operating costs.

Rising defaults plaque legacy mortgage portfolios and many lenders still choice to stay on the sidelines to workout their portfolios.

Banks are starting to liquidate non-performing assets. The Agencies are tightening underwriting standards across the board using more conservative income and expenses, lower leverage, high debt service coverage.

“Yet hope springs eternal,” Zvislo says.

Recovering from near-collapse within the past 18 months, the capital markets are ahead of overall real estate fundamentals.

The most important concern?

More money than funding opportunities. Will the markets return to more liberal conditions?

Probably not very soon, but some positive signs surface:

· Steady fiscal policy, repayment of government bailout monies, GDP growth, reduced job losses and recovering manufacturing contribute to growing optimism.

· · Overall mortgage-rate ranges start just below 180 basis points, starting to approach historical norms.

· * Tightening spreads between conventional funding sources and agencies --- now about 25 to 75 basis points for select apartment fundings, for instance.

· Overall interest rates and benchmark indices holding steady despite improving economic conditions and fear of inflation as noted by a mild reaction to the Fed's increase of the emergency lending rates late last month.

· · Bidding is very brisk for prime multifamily and credit-deals. Cap rates are clearly narrowing for "best in class" projects which should bode well for lesser-quality assets as investors move down the food chain.

· · More lenders returning to the market including life companies, banks and even CMBS players. The level of interest is conservatively more than double seen in the past year.

· * Agencies and other select sources introducing mezzanine and more structured financing as part of the capital stack - the beginning signs of improving funding terms based on higher leverage.

Jeanne Peck, of The Real Estate Capital Institute's Advisory Board, states, "Denial is now being replaced with Decision. Legacy funding sources and owners are starting to either restructure with fresh equity or liquidate. 2010 looks more like a year of action."

She predicts, "We should have a very good feel of momentum by mid-year."

Contact:  The Real Estate Capital Institute(r), 3517 West Arthington Street, Chicago, Illinois USA 60624
Nat Zvislo, Research Director, Toll Free 800-994-RECI (7324),  mailto:director@reci.com,  http://www.reci.com/